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June 2015 Interviews

Michael Pento

June 29 2015: Money manager Michael Pento thinks the Greek debt crisis is small when you consider the enormously leveraged global economy. Pento contends, “That’s why I consider Greece as more of a distraction. It’s a small piece to the puzzle. You look at debt that extends all across the planet,every asset on the planet is in a bubble. China is in a bubble. Japan is in a bubble. Europe is in a bubble. The United States is in bubble. That’s not just stocks. It’s bonds. It’s real estate. It’s diamonds. It’s art. Look, China fell 7 ½ % overnight because every housewife and widow in China opened up a margin account, and now, they are wiped out. The market in China is down 18% in the last week alone, and it’s got a lot more to fall. Who is there to support that? This is where the rubber meets the road. Don’t worry because central banks have our backs. When has that been the case? A central bank can monetize unlimited amounts of debt and destroy the currency. It creates money out of thin air at infinitum without any consequences. When has that ever been the case? ? I am telling you right now, if the Federal Reserve doesn’t get off its ass and start raising interest rates, the free market is going to do it for them. That’s what is happening today. You see the 10-year Treasury is at 2.47% and rising. . . . You cannot continue to print unlimited amounts of money and have everything be quiescent. It is going to come back and bite investors in the butt shortly.”

June 21, 2015 - G. Edward Griffin, author of “The Creature from Jekyll Island,” says the global monetary system is out of control. Griffin contends,“There is nothing that can be done about it. This thing is a runaway machine. I would feel much better if these political figures would say hey, this is out of our control right now. We need a substantial change in the system. We need that kind of honesty, but we are not getting it because most of these guys and gals in Washington are thinking well, it’s going to be bad, but at least I’m in a good spot. They are more worried about themselves and their families than they are worried about the nation.” Griffin explains, “The main mechanism that people will feel most directly will be the loss of value or purchasing power for their currency. The dollar will buy less and less and less as it has been doing, but it’s been sort of gradual and we get used to it. . . . When you look at the real cost of living, inflation is really pretty high now, but you haven’t seen anything yet compared to when the rest of the world does what it is now saying it is going to do."

June 17, 2015 - John Embry, Senior Investment Strategist at Sprott Asset Management, says there is no doubt another financial calamity is coming. In fact, Embry says, “It’s unavoidable. It’s inevitable is the word I would use. There is no getting out of it. If you thought 2008 was bad, and I thought it was terrible, this time, there is no ammunition left. You can’t take interest rates any lower. All you can do is print even more money. That really didn’t work the last time. The safety nets are largely gone if we do run into something untoward, and it could be fairly soon. I don’t think there is really anything left to stave it off. I think it will be much uglier than that.” Embry goes on to explain, “To me, I can see just two avenues at this point. You can have a hard debt deflation where you clean the debt out of the system like we did in the 1930’s, but look what that cost us–years of depression and a great world war. The other alternative, and they apparently are going down that path as we speak, is to just keep printing enough money to keep everything afloat. But if you do that long enough, you are headed for a currency debacle and probably some sort of hyperinflation."

June 15, 2015 - Macro economist Gordon Long says elite bankers want and need negative interest rates. How do they get them? Long says, “We need a cashless society in order to get negative interest rates. We have had negative real interest rates for some time. That’s the whole premise of paying down the government debt by effectively debasing it. But we have run up against a wall, and we have run up against that wall. Clearly, quantitative easing isn’t working.”. So, will a cashless society put off the next crash? Long says, “We have run out of runway, but never underestimate the ingenuity of a trapped politician and central bankers to come out with new policies and new ways to extend this. We are going to see some pretty violent volatility and corrections. We are going to be in there guaranteeing collateral because our issue is. there is a shortage of collateral. The Fed sucked all of the bonds out of the market. There is a shortage of them. So, we have a major liquidity problem. That’s the runway we are running out of, and flows are starting to slow dramatically."

June 10, 2015 - Financial analyst Gregory Mannarino says time is short for the next financial calamity. Mannarino contends, “Not only are things are getting close, but we are here now. This is it. The collapse is now. Look at what is going on. . . .Despite actions by world central banks, which are unprecedented, we are still going nowhere. The economy is going nowhere. The proof is simply in the money velocity. The issue with the money velocity is the cash is not moving. Mannarino goes on to explain, “Cash will leave the debt market, and that will push yields higher. That will put pressure in equities. This is a reverse of what we see now in inflating this super bubble here. There is a super bubble in debt. There is a super bubble in stocks. When all this cash starts to move, it is going to look for a place to go, and it is going to move into commodities.

June 8, 2015 - Financial and geopolitical analyst Warren Pollock warns, “When I go swimming in the ocean, sometimes I have to duck under a wave. This wave may be too large to duck under, and I think that is what these large events are. I think we are seeing large events, the likes of which you and I haven’t seen, and haven’t been seen in generational memory. 80 years would be a generational memory. We haven’t seen what a world war looks like. We haven’t seen what a Great Depression looks like. We haven’t seen a political crisis. We haven’t seen total lawlessness, and these are all the things that are happening.” On the economy, Pollock warns the game is about over, “It’s an absolute con game and right now, everyone is involved in the great con. . . . We can see now that the pension plans are going to be stolen from people. Gold looks very unattractive in the markets, and that is one of the places that you should actually go to. You need a stack of $20 bills, but you also need gold."

June 3, 3015 - Finance and economic writer David Morgan thinks the global economy very likely could take a sudden turn for the worst. Morgan says, “There is going to be a panic buy into the metals, and there is only so much to go around. The way things have gone from the 2008 financial crisis until now have only gotten worse. I don’t think we are going to have a hyperinflation, but what I do believe is there will be a? panic exit out of currencies. ? That event will cause people to run for the most trusted money that exists, and that is gold and silver. The other thing is you cannot have currency anymore. That is a double edged sword because if you can’t have currency anymore, people will think if I can’t have currency anymore, guess what I can have, Gold and silver, and they can’t get around that. People that can think will go to the money of all time, and that is gold and silver.”

June 1, 2015 - Money manager Peter Schiff, who wrote a book three years ago called? “The Real Crash,”? thinks the next calamity is well on its way. Schiff says, “I think the next crash is going to be a dollar crash rather than a stock market crash. Certainly it is going to be an economic crash for the average American, and their cost of living goes skyrocketing.” Schiff contends, “We have destroyed this economy. The Federal Reserve has prevented capital investment, entrepreneurship, economic growth that is real. Instead, we have diverted all these resources to sustaining asset bubbles to keep the stock market up, the real estate market up, to fund debt for education, housing and health care. We are strangling the real economy, and Main Street can feel it. Even though Wall Street is ignoring the pain on Main Street, you can see all these protests that have picked up.”